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Crude oil futures plunged in the domestic market during noon trade on Monday as investors and speculators exited positions in the energy commodity after the IEA warned that a global oversupply situation may persist next year as demand slows amidst a weakening global economic recovery, and as the OEPC continues to boost production to protect market share and drive away competition from the likes of US and Russia.
Also, traders are jittery ahead of the US Federal Reserve’s two-day monetary policy meet starting on Tuesday, in which the world’s biggest central bank may raise interest rates for the first time since 2006, boosting the dollar, and dimming the demand for dollar-denominated commodities such as oil.
At the MCX, Crude oil futures, for the December 2015 contract, is trading at Rs 2,382 per barrel, down by 0.87 per cent, after opening at 2,388, against the previous close price of Rs 2,403. It touched an intraday low of Rs 2,380.

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